pbb Deutsche Pfandbriefbank on Monday successfully issued a EUR 1 bn public sector jumbo Pfandbrief. The move follows two previous placements of jumbo Pfandbriefs in September and October 2009.

The latest Pfandbrief has a seven-year term and a 3.375% coupon. ppb Deutsche Pfandbriefbank will pay a 38 basis point (0.38%) spread over mid-swaps. Based on the re-offer price of 99.254%, the Pfandbrief has a 3.497% yield.

pbb Deutsche Pfandbriefbank's Public Sector Pfandbriefs currently have a AAA rating by Standard & Poor's (watch negative), AAA by Fitch Ratings and Aaa by Moody's.

The latest issue was arranged by a syndicate comprising Deutsche Bank, Commerzbank, Bank of America/Merrill Lynch, Goldman Sachs and Royal Bank of Scotland. At nearly 40%, Germany accounted for the largest share of placements, followed primarily by the UK/Ireland (25%) and Scandinavia (13%).